need based financial aid (parents own prop)

[syoung]

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Ok so searching around I didn't find this specifically.

Per institutional aid instructions, we need to add parental info on the FAFSA. Except, my parents own 2 additional properties (rented out), and are middle income (100k+ I think).

Can any current med students shed any light on their experiences with need based aid if their parents had something similar? OR that their home values were above ... say 600k? Did they get any amount of need based aid? Or was it zilch and loans?

Do institutions look primarily at home values + w-2 and determine that way, without consideration to where you live? (Of course I understand doing this would take WAY too much time...)

I have no problem taking on the loans myself. Just curious to see if there's a possibility. One school I interviewed at mentioned 56% of their students receive some sort of need-based aid (some % of tuition is covered).

 

[mcloaf]

They look at income, cash/checking/savings accounts, and investments. Primary/first homes and retirement accounts are not included.

 

[sazerac]

Need-based grants for medical students make even less sense than the med school application / acceptance process. You just submit your info and sometimes free money pops out.

I guarantee you that some other student at your school will have more money and richer parents than you and get more need-based aid than you will. It's just the way it works. It's all very dependent on the nature of the school and the scholarships that exist at your school.

The good news is that there is literally nothing you could submit that would necessarily prohibit you from getting need-based scholarship grants.

 

[BigBlueBear]

You're independent right? When I filed my FAFSA my EFC was 0 even though my parents are well off. You shouldn't have issues.

 

[darkjedi]

You're independent right? When I filed my FAFSA my EFC was 0 even though my parents are well off. You shouldn't have issues.

FAFSA is only for government loans, medical schools disburse their own need based aid if they have any and require additional documentation.

Unfortunately, your parents own/earn enough that getting need based aid will be difficult. If you go to a rich enough school that has a hefty endowment, you may get lucky, but I would not count on it.

 

[syoung]

Ok, thanks guys, was just wondering.

@mcloaf, That may be true on the FAFSA itself, but sometimes the school also requests information separately.... one school has asset information: monthly mortgage or rent and amount; year home purchased, price, value today, and outstanding principal, equity loan (outstanding balance), and if you own real estate other than primary home, along with the same supplementary questions for those properties...

Not sure if this is unusual (ie other institutions don't ask THIS much)

 

[mcloaf]

Ok, thanks guys, was just wondering.

@mcloaf, That may be true on the FAFSA itself, but sometimes the school also requests information separately.... one school has asset information: monthly mortgage or rent and amount; year home purchased, price, value today, and outstanding principal, equity loan (outstanding balance), and if you own real estate other than primary home, along with the same supplementary questions for those properties...

Not sure if this is unusual (ie other institutions don't ask THIS much)

Wow, that sounds intense!

 

[syoung]

Hence, why I'm asking people ..